More Growth Forecast for Minnesota’s Economy
Undated (KROC-AM News) - While the majority of the states included in the Mid-America Business Conditions Survey are expecting weakening economic conditions in coming months, Minnesota’s outlook is positive.
The respected monthly report from Creighton University put Minnesota’s overall economic index for July at 54.8, which was up about a half point from June. Every component of the index for last month was above 50, which is an indicator of future economic growth. The report shows the index for the employment component rose about 4 points to 54.5., which is the highest it has been since February.
The author of the report notes Minnesota durable and non durable goods manufacturers are adding jobs, with food processors and businesses tied to vehicle manufacturing experiencing very strong growth.
Despite the signs of strength, the readings are down significantly from a year ago, when the state’s overall economic index was a robust 66.4.